The Foreign Secretary Ranjan Mathai stressed out the need to eliminate unfair actions in Washington that in the past five years, the Indian information technology industry in the United States has shared over $15 billion in taxes. The economic challenges in the United States would not direct to protectionism and that the issues of the Indian information technology industry will be transmitted quickly, as Mathai expressed hope on his first bilateral visit to the United States as the foreign secretary.
Together with the officials of the United States Department of Commerce, Mathai has believed to raise the issue at the meeting. Recently this year, President Barack Obama had his State of the Union address proclaimed for tax breaks for manufacturing firms that bring back jobs to the United States.
Later this year, as the United States set into a presidential election, the statement once again increased threat of protectionist economic policies. Indian IT industry assigns almost 100,000 individuals in the United States up from 20,000 six years ago, also it supports 200,000 other jobs such as, indirect ones, aside from improving the competitiveness of the U.S. companies.
Mathai added that most Indian firms are putting up development centers, over the last five years, Indian IT industry assigned $15 billion in taxes. This kind of success should not be set back by tight visa regulations that serves as a non-tariff barrier.
Indians paid more than $200 million in their visa fees, possibly $30 to 50 million has been taken from young entrepreneurs whose U.S. visas were denied it was based on the back of the envelope calculation. He added that it requires redundancy that the focus of these discriminatory acts are obviously those who have provided intellectually to the climate of reform in India and those who have been believer of tough U.S. and India partnerships.
REFERENCES:
http://profit.ndtv.com/news/corporates/article-indian-it-firms-paid-15-bn-in-us-taxes-in-five-years-says-foreign-secy-mathai-297328
http://news.taaza.com/news/869599-indian-it-firms-paid-bn-in-us-taxes-in-five-years-says-foreign-secy-mathai.html
http://www.smsfi.com/news-detail/243992/indian-it-firms-paid-$15-bn-us-taxes-five-years-says-foreign-secy-mathai
